RIL gains 4 pc, RNRL down 5 pc on BSE

ET Bureau|

Jul 20, 2009, 11.24 AM IST

MUMBAI: Shares of Mukesh Ambani-led Reliance Industries on Monday gained over four per cent, while ADA Group firm Reliance Natural Resources tanked 5.48 per cent in the morning trade on the BSE ahead of the hearing of the case in the Supreme Court relating to family gas supply pact.

Shares of RIL opened firm on the Bombay Stock Exchange and gained 4.48 per cent to reach Rs 2,020. Meanwhile, RNRL dropped 5.48 per cent to a low of Rs 78.40 within first few minutes of trade.

A similar movement was witnessed on the National Stock Exchange where the scrip of RIL rose 4.49 per cent to Rs 2,024, while RNRL dipped to Rs 78.75, down 5.06 per cent.

Anil Ambani group firm RNRL and Mukesh Ambani-led RIL have filed cross-petitions in the Supreme Court challenging the Bombay High Court order and the matter will come up for hearing today.

While RNRL wants immediate implementation of the order to get the gas at USD 2.3 per mmBtu, a price 44 per cent lower than the one fixed by the government, RIL says it cannot supply the industry fuel without the consent of government.

The shares of RIL have gained over 10 per cent last week to settle at Rs 1,933 on the BSE on Friday, while RNRL gained 22 per cent to Rs 82.65.

RIL scrip is currently trading with a gain of 3.11 per cent at Rs 1,993.60, while RNRL was down 1.39 per cent at Rs 81.80 on the BSE.